President Donald Trump signed a major Dodd-Frank rollback into law Thursday, hoping to bring regulatory relief to community banks across the U.S. The president explained Dodd-Frank’s costly regulations gave large banks a negative advantage at the cost of small banks throughout the country. Click the headline to read more.

Items Tagged with 'Ally'

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On Friday, the Federal Reserve Board announced another $35.1 million in civil penalties against five banks as part of its effort to terminate enforcement actions, issued in 2011 and 2012, against a total of 10 banks related to residential mortgage loan servicing and foreclosure processing.

Ally Financial announced this week that it is adding Dinesh Chopra as the company’s chief strategy officer, a new role created at the company. Chopra joins Ally from Citigroup, where he served as global head of strategy, retail bank, mortgage, fintech and digital payments.

After stepping away from the mortgage side of the business back in 2012, Ally Financial is showing steady progress back into the space as it redevelops the business. With less than a year under Ally Home Bank’s belt, here’s the latest pulse on how the business is doing.

Mortgage interest rates ticked up slightly in the last week, per the latest data from Freddie Mac, but for most of 2017, rates have trended down. But with rates still above where they were last summer, one lender is offering borrowers a discount on their interest rate to try to earn their mortgage business.

Yes, this is the same firm borne from GMAC, which suffered huge losses in the mortgage industry and received $17.2 billion in TARP assistance. Now, Ally Financial is well on its way to participate in the burgeoning mortgage market once again and this time, they say they're going to "do it right."

Ally Financial will pay $52 million to settle allegations that one of its subsidiaries, Residential Capital (also called ResCap), knowingly marketed mortgage bonds despite the fact that the underlying mortgages were toxic. Under the terms of the settlement agreement, Ally Securities, formerly known as Residential Funding Securities, will immediately discontinue operations and be de-registered as a broker-dealer as an acknowledgment of the improper conduct.

Two years after being completely driven from the mortgage business due to the losses suffered by its former subsidiaries, GMAC Mortgage and Residential Capital, also known as ResCap, Ally Financial is getting back into mortgages.

Once a major player in the mortgage market, the automotive finance company and bank holding company will be traded on the New York Stock Exchange under the ticker ALLY. But will the Treasury make its money back on its investment?

This month inHousingWire magazine

He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.

Feature

One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.

Commentary

Digital technology has disrupted businesses and industries from publishing to public transportation, so can the mortgage industry be far behind? Actually, anyone who’s applied for a mortgage recently will have recognized that things are already changing fast.